Welcome to the Institutional Investors Website.

I have read the terms detailed below and confirm that I am an institutional investor and that I wish to proceed.

Important Legal Information

By accessing this website, you consent to T. Rowe Price collecting information by way of cookies.

The information is designed for institutional investors, including financial intermediaries and members of the media, and is published for information purposes only. In particular, the information is directed at informing only persons falling within one or more of the following categories:

(a) A government;

(b) A bank or insurance company;

(c) A pension fund or charity;

(d) Persons whose ordinary activities likely, or do, involve them, as principal or as agent, acquiring, holding, managing or disposing of investments for the purposes of a business carried on by them.

(e) Persons whose ordinary business involves the giving of advice, which may lead to another person acquiring or disposing of an investment or refraining from so doing; and

(f) Representatives of the media for corporate and background information about T. Rowe Price.

Persons who do not fall into one of the above categories should not act upon the information contained herein. Information contained on the T. Rowe Price International Ltd website is not intended for investors in any jurisdiction in which distribution or purchase is not authorised, potentially including the jurisdiction of the reader of this information. For example, the information herein is not intended for persons in the United States of America. Information obtained on this site is intended specifically for those who have agreed to these Terms and Conditions and may not be redistributed without T. Rowe Prices prior consent.

The information does not constitute a distribution, offer, invitation, personal or general recommendation, solicitation to sell or buy any securities or to conduct any particular investment activity in any jurisdiction. The information has not been reviewed by any regulatory authority.

Past performance is not a guide to future performance. The value of securities and any income generated from them might decrease as well as increase. Changes in exchange rates may also have an adverse effect on the value, price or income of securities. Investors should be aware of the additional risks associated with investments in emerging markets, high yield securities and smaller companies. Investors may get back less than the amount invested.

The information does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group companies receive revenue from T. Rowe Price investment products and services.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, T. Rowe Price makes no representation or warranty as to the accuracy or completeness of the information. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the information and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. By accepting these terms and conditions you are accepting to receive the material in a different language to that of the local jurisdiction.

Unless otherwise noted, the content appearing in this section of the T. Rowe Price website has been issued by T. Rowe Price International Ltd, 60 Queen Victoria Street, London EC4N 4TZ, authorised and regulated by the U.K. Financial Conduct Authority.

Australia

This website does not provide investment advice or recommendations. Nothing in this website shall be considered a solicitation to buy or an offer to sell a security, or any other product or service, to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction.